Jersey has been removed from Portugal\'s black list, after the Portuguese minister of finance signed a decree entering into force on 1 January 2017.

The decision was based on Jersey’s track record of transparency and cooperation, including Jersey’s Tax Information Exchange Agreement with Portugal, which entered into force in 2011 and the cooperation in applying the agreement since that date.

Jersey’s membership of the Global Forum on Transparency and Exchange of Information for Tax Purposes and its rating by the Global Forum as ‘largely compliant’ with the international standards influenced the decision to move the island from the black list

Furthermore, Jersey also signed the OECD Multilateral Competent Authority Agreement for the Common Reporting Standard on the automatic exchange of information.

The decree follows representations made by the minister for external relations, senator Sir Philip Bailhache and his team, both to the Portuguese Embassy in London and to the minister of finance in Lisbon.

Senator Sir Philip Bailhache said of the decision: “This is the right outcome given Jersey’s commitment to tax exchange and mutual assistance, and follows sustained discussions between the Ministry of External Relations and our counterparts in the Portuguese government. It will encourage business links between Jersey and Portugal.

“We do of course already enjoy good relations with Portugal, as reflected in the friendship agreement with Madeira, and I am confident Jersey’s withdrawal from the blacklist will help to build an even stronger relationship between our two countries.”